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World’s wealthy still buying luxury property
Recap from PropertyWire article (16.09.2011)
Recessions and debt crises are largely not affecting the top end of the global property market with Christie’s International Real Estate reporting that the world’s wealthy are still buying luxury property and mostly paying cash to do so. The organisation's International Luxury Residential Report, unveiled at its annual conference in London, shows that buyers’ optimism is slowly increasing with more than 67% of its agents and affiliates reporting an increase in activity in the first eight months of 2011 when compared with the same period last year. They point out that the very best property in the world’s most desirable locations will sell whatever is happening in the world economy and property is still seen as a safe haven when stock markets and equities are more volatile.
- Top performing real estate sales are in countries with an abundance of natural resources and favourable fiscal policies such as Brazil, Switzerland and Canada
- Scarcity of property is driving up prices especially in top cities such as London, Paris, Hong Kong, New York and Beverley Hills
- Cash continues to be the most popular means of payment, according to 87% of the affiliate network
- New price records to be set for London property in the coming months
- Top buyers are from Russia, China and the Middle East
- The challenge in the luxury market is a lack of quality properties
- Location, lifestyle and sentiment are equally important as value and in some cases even more so